A difficult week regarding sales but a great week for extra income from token trading.

As you can see from the figures below, the MAPXV token remains under-priced, with VVS at 44 and VVT at 28 (par is 8 and 1 respectively), with the price stuck around the 1.5 STEEM mark. Given the pre-HF21 paralysis in activity, this is not surprising.

I hope that more users will come to realise that these high upvotes will help them increase their author rewards to a point where they can easily be higher after HF21 than they are now.

Most of the token trading comes from picking up under-valued tokens, especially in the MAP FinTecg family. Again, this is a consequence of a thin market. The ADDAX game will finish on the 27th so there will be some extra cash income that can be powered up into SP. The delegation-miners are doing a good job of keeping upvotes high but we also need our own SP in the long term.

A new steemitblog post has users in a fizz over the last-minute revelation that posts earning under 20 STEEM will see lower payouts compared to now; that, of course, means the vast majority of posts across Steem. Are you surprised? A very small number of people have warned about the consequences of HF21 but the gushing cheerleaders believe that wishful thinking is more powerful than mathematics; I have news for them.

Where does this 20 STEEM pivot point come from? My estimate is that this is the combined effect of the new reward curve and the drop from 75% to 65% of the reward pool distributed to posts. The pivot point for the curve - whichever one they are actually going to use - is either 4 or 6 STEEM, but if one then adjusts for the drop in total rewards then that could well become 20 STEEM. Welcome to the "new steem".

I hope more people will soon realise the power that has been created in MAPXV and the most recent MAXUV. It is entirely possible for authors to earn more than they do now. Sure, they need to invest some STEEM, but at least it isn't locked away for 13 weeks in SP. MAPXV and MAXUV tokens are easily traded on the DEX and have no unstaking period.

Note that "Other STEEM" is the sum of all holdings not powered up as SP: liquid STEEM and SBD plus holdings within Steem Engine to maintain market liquidity plus some investments; we also now have stakes in MAPR, MAPX, PAL and LEO, and some others, and receive rewards from them. Also note that values are volatile, especially any holdings priced in US$, so the above numbers are a snapshot and may have changed when you look at the @MAPXV account.

Income includes rewards and token trading profits but excludes token sales.

The Asset Backed Value (ABV) is our total holdings calculated in STEEM divided by the number of active MAPXV tokens, whether staked or unstaked. Given that MAPXV token holders are getting 8 times the equivalent daily upvotes per STEEM, and adjusting for a variable VP, I shall leave it to the investor to calculate a market price for MAPXV tokens.

If VVS > 8.0, then MAPXV stake-holders are getting upvotes of greater value than the par 0.2% twice per day per token.

If VVT > 1.0, then MAPX tokens are under-priced on the market and good value to buy.

Thanks, hope you're able to build up your holdings; the combined upvotes from all our programs can be significant. Also, as MAXUV is open-ended the token price will probably not rise too steeply, merely in line with the voting power within that system.

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